Whats the difference between a 1040, 1040a, and 1040ez. What is each for? I need this info for my student aid.

Answer 1

The major differences between them are what types on income and deductions can be included on that form. The 1040EZ is the simplest (EZ as in easy) but can only handle a few types of income, and you can't claim any dependents (such as children). The 1040, along with it's schedules and worksheets, can be used for any type of income and deductions allowed to a US citizen. To find what form you used, find the form you used to file your taxes and look in the upper right hand corner.
For FAFSA purposes, the most important thing associated with what type of form you filed, is whether you could file a 1040 A or EZ. Often times tax preparers, both in-person and computer softwares, will only prepare the 1040 because it can be used for anything. But the FAFSA excludes some things if you are eligible to file a 1040A or EZ. An easier way to check, is to get a 1040A from the IRS website (www.irs.gov) and check to see if anything on your tax form couldn't go on the 1040A.

You could have filed a 1040 A if:
You didn't itemize deductions, like mortgage interest, on schedule A.
Your taxable income is less than $100,000.
You are not self-employed (schedule C).
You did not have capital gains, excluding a certain type of mutual fund capital gains, (didn't file a schedule D).
You don't have rental (like you rent out a house), business, or farm income (schedules E or F).
You didn't claim any tax-credits except: Earned Income, Child, Additional Child, Retirement Savings, Telephone Excise, Dependent Care, Education or Elderly.
You didn't have any adjustments ("above the line deductions") except: IRA and Student Loans

Answer 2

IRS form 1040 & 1040A are usually filled out by people who are married, work more than one job or have children.
Form 1040EZ is used most by single people of any age who have no dependents and can't be claimed as a dependent by someone else (parents or a spouse). Does that help you any?

Answer 3

They are US federal income-tax forms. The 1040ez is the most simple, basically for people with only income from wages to report. The 1040 is longer; the 1040a is for people who itemize deductions.

Answer 4

1040EZ - short version for human beings w/no dependents and no itemized deductions 1040A - short variety for constrained earnings supplies and classic deduction 1040 - long variety for deductions, EITC, new child tax credit 1040ES - worksheet to calculate envisioned organisation tax money See supplies under for greater guidance. wish this facilitates!